Jamie Dimon is feeling good

JPMorgan Chase (JPM) reported earnings and revenue for the third quarter that easily topped forecasts Friday. Profit surged 24% from a year ago to nearly $8.4 billion.

The strength was led by JPMorgan Chase's consumer and commercial banking units and less by its Wall Street trading and investment banking businesses.

Dimon praised Washington's policy changes and tax reform for the boost, saying that the bank is "extremely excited to be expanding again" thanks to "smart regulatory policy and a competitive corporate tax system."

Dimon also said the global economy continues to hum along, although he acknowledged that brewing trade tensions could be a problem going forward.

"The US and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy," Dimon said.

JPMorgan Chase's shares rose in early trading Friday on the news, helping to lift the broader market after two straight days of bruising losses.

The bank's results also helped kick off earnings season for the nation's largest financial firms. Citigroup (C) and scandal-tarnished Wells Fargo (WFC) were also set to report results Friday.

Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS) and asset management giant BlackRock (BLK) are all on tap to report earnings next week.

Let's block ads! (Why?)